Kaplan Fox is the court-appointed lead counsel representing lead plaintiff, the Colleges of Applied Arts and Technology Pension Plan (“Plaintiff”), and the putative class in this securities class action against Vale S.A. (“Vale” or the “Company”) and certain current and former Vale executives (together with Vale, “Defendants”). The claims are brought on behalf of all Class Period purchasers in U.S. transactions of the following securities: (1) Vale American Depositary Shares, (2) 5.875% Guaranteed Notes due 2021, (3) 4.375% Guaranteed Notes due 2022, (4) 6.250% Guaranteed Notes due 2026, (5) 8.250% Guaranteed Notes due 2034, (6) 6.875% Guaranteed Notes due 2036, (7) 6.875% Guaranteed Notes due 2039, and (8) 5.625% Notes due 2042.

Plaintiff alleges that Defendants engaged in a fraudulent scheme and made material misrepresentations and omissions during the Class Period about: (1) the stability of Vale’s dams and risk of a catastrophic collapse, (2) Vale’s dam safety and risk management policies and practices, and (3) Vale’s commitment to dam safety. The truth about these matters was revealed with the collapse of Dam 1 of the Córrego do Feijão mine on January 25, 2019, and in subsequent news articles, which caused the share prices of Vale Securities to decline dramatically.

The second amended complaint was filed on October 25, 2019, and Vale filed a motion to dismiss on December 13, 2019. Briefing on the motion to dismiss was completed on February 21, 2020. Additionally, Plaintiff moved for early access to certain discovery materials and awaits the court’s decision on its motion.

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